That was Nakumatt’s elephant in the room; and interestingly the elephant was its logo. Atul followed in his father’s footsteps – building a retail outlet from the ground up and watching it go bankrupt over unpaid suppliers’ debt. Worse still, he watched as his father, Maganlal Shah, was declared bankrupt after failing to pay a Sh1.2 million debt. The senior Mr Shah would later join his sons, who were set to conquer the retail sector in the region. Mr Shah individually owned the remaining 0.001 per cent.

Source: Daily Nation August 13, 2020 06:41 UTC